Midday Movers: Ross Stores and Copart Jump, Applied Materials and Alphabet Drop

U.S. equities were lower and little changed at midday but heading for a winning week, boosted by reports on slowing inflation, which could keep the Fed from raising interest rates further. 

Ross Stores (ROST) was the best-performing stock in the S&P 500 as the off-price retailer beat profit, revenue, and comparable store sales estimates as inflation-weary shoppers flocked to its stores.

Shares of Copart (CPRT) also jumped as the auto reseller posted better-than-expected results as service revenue climbed. Marathon Oil (MRO) shares advanced as the energy company restarted its Galveston Bay refinery, which was damaged by a fire in May.

Applied Materials (AMAT) shares sank after a report the Department of Justice is investigating it for sending chipmaking equipment to Chinese chipmaker SMIC without export licenses.

Shares of Microsoft (MSFT) dropped after a Citi analyst said the positive catalysts that have driven the stock higher the past two to three months have ended.

Alphabet (GOOGL) shares declined after its Google unit announced a delay in the release of its Gemini AI artificial intelligence product designed to compete with OpenAI.

Oil futures gained and the price of gold was down. The 10-year Treasury note moved up. The U.S. dollar fell to the euro, pound, and yen. Most major cryptocurrencies traded in the red.